COVID-19: US CARES now allows for carryback of net operating losses

Jeffrey Brown • April 27, 2020 The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended Internal Revenue Code Section 172(b)(1) to allow carryback of net operating losses (NOL) arising in tax years beginning after December 31, 2017 and before January 1, 2021 (NOL period). The “Carryback Period” includes each of the five taxable years preceding the taxable y ... Read more

COVID-19: IRS announces relief for nonresident individuals affected by COVID-19 travel Restrictions

Jeffrey Brown • April 24, 2020 On April 21, 2020, IRS issued Rev. Proc. 2020-20 setting forth relief for non-resident individuals who may have an inadvertent US income tax filing requirement (form 1040-NR) under the “substantial present test” as a result of remaining in the United States longer than anticipated due to travel disruptions caused by the COVID-19 outbreak. This ... Read more

COVID-19: Learn more about the US government’s Paycheck Protection Program

Jeffrey Brown • April 02, 2020 COVID-19:  Learn more about the US Government’s Paycheck Protection Program The US Small Business Administration (SBA)’s Paycheck Protection Program (PPP) was created by The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) to help small businesses impacted by COVID-19. The CARES Act provides $349 billion of funding for SBA lo ... Read more

COVID-19: US employment tax relief provisions explained

Jeffrey Brown • April 02, 2020 In this update, we explain the US employment tax relief enacted in recent COVID-19-related legislation. On March 31, 2020, IRS issued Notice 2020-22 outlining the following: The penalty relief applicable to deposits of US Federal employment taxes including income tax withheld, Federal Insurance Contributions Act (FICA) and Railroad Retirement Tax A ... Read more

COVID-19: US government signs CARES Act into law

Jeffrey Brown • March 29, 2020 On Friday March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. The CARES Act includes several tax changes relevant to our clients including the following: Suspension of the 80% taxable income limitation on net operating loss (NOL) deductions for tax years 2018 through 2020 put into ... Read more

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